GOOGL, SBUX update May 3

GOOGL:  a simple look at the yearly bar chart reveals a lot and tells us that GOOGL has so far only made 3 larger waves up: blue I,II,III; with the 3rd wave clearly consisting of 5 waves; yellow 1,2,3,4,5. We therefore expect a low in the $650-$540 area before a new high will be made. The daily chart targets $660 for starters using a c=a relationship, up to $580 for a c=1.618x a relationship. Both fit well.

googl

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SBUX: Looks like 5 waves down off the possible b-wave high are developing. Minor (green) 5 appears now underway. Trade below c/3 will confirm, trade above 4 will mean we only had a 3-wave correction with (red) intermediate b already underway, which should regardless of 3 or 5 waves down stall at the descending trendline.

sbux